SABAF - ANNUAL REPORT 2014
SOCIAL AND ENVIRONMENTAL SUSTAINABILITY
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SABAF and its lenders Our commitment to lenders
BANKING RELATIONS The Group operates with a low debt ratio (net indebtedness/shareholders’ equity of 0.14 at 31 December 2014) and has ample unused short-term lines of credit. At 31 December 2014 net financial debt was €26.9 million - versus €16.7 million at 31 December 2013 - after the payment of an extraordinary dividend of €11.5 million in November 2014. Two unsecured loans were taken out during the year, for a total of €10 million, maintaining the correct ratio between medium/long-term debt (€10.2 million at 31 December 2014) and short-term debt (€16.8 million).
The Group mainly deals with ten Italian banks (Banco di Brescia, Intesa San Paolo, Unicredit, Monte dei Paschi di Siena, BNL, Banca Popolare di Vicenza, Banca Popolare dell’Emilia Romagna, Credito Lombardo Veneto, Banca Passadore, Cariparma) and with five forein banks (Banco Itau in Brazil, Halkbank and Isbank in Turkey, Bank of China and Industrial & Commercial Bank of China in China).
LITIGATION No lawsuits are pending with lenders.
SABAF and its competitors THE SABAF GROUP’S MAIN ITALIAN AND INTERNATIONAL COMPETITORS In Italy and in Europe as a whole, Sabaf estimates that it has a market share of over 40% in each product segment. It is the only company offering the complete range of gas cooking components, as its competitors only manufacture part of this product range.
Burner Systems International (BSI) is a US company that has acquired control of the French manufacturer Sourdillon, a long-standing competitor of Sabaf, and of Harper Wyman, the biggest manufacturer of gas cooking components for the North American market.
Sabaf’s main competitors in the international market are Copreci, Burner System International and Defendi.
Defendi Italy is an Italian manufacturer that also has a presence in Brazil and Mexico, and is mainly active in the production of burners. In 2013 it was bought by the German group E.G.O.
Copreci is a cooperative based in the Basque region of Spain. It is part of the Mondragon Cooperative Corporation and, with Sabaf, is Europe’s leading valve and thermostat manufacturer.